Monero rose north of the 200-SMA on the price charts and projected a bullish trend, but stronger cues were needed to support a move above its most recent local high. IOTA and DCR flashed bearish signals at the time of writing, with both expected to move lower towards their respective support levels in the short-term.
A look at Monero’s 4-hour chart highlighted a bullish market since the start of the month as the candlesticks climbed above their 200-SMA (green). Despite being tested a few times, the bears were unable to target a move below the long term moving average. Gains of over 12% in the last seven days were reflected in its market cap which rose north of $3 billion, at the time of writing.
The bullish momentum in the market was strong, according to the Awesome Oscillator, while the Chaikin Money Flow was registering a recovery after touching its lowest point in over eight months. Despite the recent bullishness, however, stronger signals were needed to support a rise towards its local high of over $185 in the next few trading sessions.
Some sideways movement was seen on IOTA‘s charts as the bulls failed to flip the $0.788-resistance. Moreover, subdued trading volumes and buying activity indicated that the bulls were losing control of the market as the bears prepared to step in. This was also backed by the MACD after it closed in on a bearish crossover.
Despite the sideways movement, the Bollinger Bands noted that IOTA was prone to price fluctuations as volatility remained on the higher side. A bearish outcome could see the price fall towards the areas of support at $0.61 and $0.54. Since the broader market rally was strong, it was also hard to discount a break above the press time resistance level.
Indecision was noted in Decred’s market since touching record levels as spinning top candlesticks formed on its 4-hour chart. Although the bulls maintained the price above the $94.3-mark, momentum was shifting towards the sellers, according to the Awesome Oscillator. Since the 24-hour trading volume also dropped by nearly 40%, the sellers had an edge in the short-term and corrections were certainly on the cards.
A close below the immediate support level would signal the onset of a reversal. Conversely, a spike in the On Balance Volume could see DCR snap fresher highs moving forward.